Italian manufacturers Epta Group and Iarp Group are to combine their businesses in a move that will create a £560m European commercial refrigeration powerhouse.
The merger will strengthen both companies’ positions in the refrigeration sector by allowing them to provide a broader range of products from storage cabinets to cold rooms, as well as maximise the benefits of a larger, joint services operation.
Between them, the companies employ 4,000 staff and operate 12 factories across the world.
Iarp exports 60% of its production abroad and is present in more than 70 foreign countries through agents and distributors. In the UK, Interlevin claims to be the largest supplier of Iarp refrigeration units.
Epta has offices in Italy, Germany and Spain and owns several brands, including Bonnet Neve, George Barker, Euro’Cryor and Misa.
Epta’s chairman and CEO, Sergio Chiostri will retain both roles in the new organisation, while Marco Nocivelli will serve as managing director.
IARP’s chairman and CEO, Piero Triglio Godino, will join Epta’s Board of Directors. In a statement confirming the agreement, he said: “I believe that, by getting together, Iarp and Epta can build on each other’s strengths and improve their skills.”
Epta spokesperson, Ginevra Fossati, told Catering Insight that the company was hoping to release further communication about the merger later today.
The deal is expected to close this quarter subject to regulatory and shareholder approval.